Total Q1 Profit Up on Higher Oil Prices

29 April 2010 (Last Updated April 29th, 2010 18:30)

French oil major Total reported a jump in first-quarter profits, a result of higher oil prices. Total said adjusted net income, which excludes unrealised gains related to increases in the value of inventories, rose 9% compared with the same period in 2009 to €2.3bn ($3.06bn).

French oil major Total reported a jump in first-quarter profits, a result of higher oil prices.

Total said adjusted net income, which excludes unrealised gains related to increases in the value of inventories, rose 9% compared with the same period in 2009 to €2.3bn ($3.06bn).

The core upstream oil and gas production unit reported a 79% jump in the price it received for its oil and a 4.5% rise in production compared with the first quarter of 2009, to 2.43 million barrels of oil equivalent per day.

In dollar terms, Total's net profit, excluding inventory effects, rose 23% compared with the first three months of 2009.